Atairos Group announced on Tuesday that it is acquiring "a substantial ownership position" in Bowlmor AMF, the largest bowling-center operator in the world.

Atairos, a private investment fund, is making the acquisition from Cerberus Capital Management, a private equity firm, to enter the "growing out-of-home entertainment" industry, according to a news release. The company did not disclose the transaction's financial terms.

"At a time when consumers are seeking unique and authentic experiences, Bowlmor's highly differentiated and compelling offering has been enormously successful," Michael J. Angelakis, Atairos chairman and CEO, said in a statement. "With a proven, scalable platform and a highly talented management team, we believe there's great potential for continuing growth through execution of the business plan as well as related acquisitions."

Bowlmor CEO Thomas Shannon will continue to hold his "significant investment" in Bowlmor, the release said, and the management team still will lead the company in their current roles. Bowlmor has 295 U.S. locations as well as seven in Mexico and three in Canada.

Angelakis was a member of Comcast's (CMCSA) dealmaking team, working on transactions such as the $37-billion purchase of a controlling stake in NBC Universal from General Electric (GE) . When Comcast and Angelakis created Atairos in 2015, Comcast, the sole outside investor, accounted for $4 billion of the $4.1 billion in capital commitments.

Other than Bowlmor, Atairos backs five other companies, including Learfield Communications, which does college sports marketing; TriNet Group  (TNET) , a human resources provider; and Virtusa  (VRTU) , an IT consulting and outsourcing service. Atairos has also invested $250 million in Groupon   (GRPN) , an online local commerce retailer.

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